Procter & Gamble Argentina will invest $50 million in the South American country in 2016-2017, the local subsidiary of the U.S. consumer products giant said on Monday, on the eve of President Barack Obama's visit.

Obama will visit Argentina with a large delegation of businessmen three months after free-marketeer President Mauricio Macri took office and began dismantling capital and trade controls that stalled investment and economic growth in recent years.